Today, Wavin - Jaarverslag.com

Wavin Annual Report 2010 | page 11723. Trade and other receivables(€ x 1,000) NOTE 2010 2009Trade receivables 4 239,684 216,847Amounts receivable from associates 51 128Other receivables and prepayments 26,759 20,651Total 266,494 237,626The increase of trade receivables is the result of higher revenue levels and an increased revenue share of emerging marketswhere in general longer payment terms are applicable. Trade receivables are shown net of an allowance for doubtful debts of€ 12.6 million (2009: € 11.2 million) arising from the possible non-payment by customers. The impairment loss recognised inthe current year was € 3.3 million (2009: € 3.4 million). For a specifi cation of the aging of the trade receivables and theallocation of the allowance for doubtful debts at the reporting date we refer to note 4.Other receivables increased mainly as a result of a higher outstanding VAT claim.24. Cash and cash equivalents(€ x 1,000) 2010 2009Bank balances 55,638 58,520Cash 110 106Total 55,748 58,626Due to the seasonality of the business most cash is generated towards the end of the year. This cash fl ow cannot completelybe used for the repayment of debt given the maturity of the drawings under the Syndicated Loan Facility and the fundingrequirements for the building up of working capital at the beginning of the following year. At 31 December the bank balanceswere freely available.25. EquityIn April 2010, the General Meeting of Shareholders approved an amendment of the Articles of Association, enabling a‘reverse stock split’ of 8 ordinary shares with a nominal value of € 0.05 each time into 1 ordinary share with a nominal value of€ 0.40. As a result of the reverse stock split the number of shares decreased from 406,257,050 to 50,782,132. For a detailedspecifi cation of the movement of the number of shares we refer to note 16.In the year under review 250,815 shares (adjusted for the reverse stock split 31,352 shares) were sold to the ManagementBoard and senior management as part of the Long Term Incentive Plan (see note 28).Per 31 December 2010 the Company holds 113,772 shares as treasury shares to cover current and future obligations underthe Long Term Incentive Plan of the Company.Changes in equity classifi ed as other comprehensive income include the changes in the hedging reserve which consist of theeffective portion of the cumulative net change in the fair value of cash fl ow hedging instruments related to hedgedtransactions that have not yet occurred.Cumulative translation reserves comprise all foreign exchange differences arising from the translation of the fi nancialstatements of foreign operations.Of the shareholders’ equity of € 570.8 million, an amount of € 8.1 million (2009: € 9.5 million) is not available for distributionsubject to relevant provisions of the Company’s Articles of Association, local accounting principles and legal requirements.For further details on Wavin N.V.’s shareholders’ equity we refer to note F of the Company Financial Statements and thestatement of changes in equity.